Trump Plaza will become the fourth Atlantic City casino to shut down this year once they close their doors on September 16.
The casino submitted the necessary paperwork to cease operations after a three-year attempt to sell the property, the Press of Atlantic City reported. Trump Plaza’s petition to cease operations was filed late last month with the New Jersey Division of Gaming Enforcement (DGE), who recently released the filing that details closing procedures to the public.
The following items pertain to former patrons with vouchers, tokens, chips or with money on account with the property:
Gaming vouchers can be redeemed at the Trump Taj Mahal for up to a year from the date of issuance at Trump Plaza; gaming chips and slot tokens can be redeemed at the Trump Taj Mahal for an unlimited amount of time; and player funds held on deposit by Trump Plaza will be available until September 16 and afterwards at the Trump Taj Mahal.
iGaming License to Be Retained
In an unusual move by the property, the Trump Plaza has requested that they retain their New Jersey iGaming license. The DGE has approved their request provided that the following conditions are met:
Trump Plaza must provide an audit of their iGaming revenue to the Division’s Revenue Certification Unit on September 8 and continue to do so weekly; they must provide the Division daily reports that their iGaming account has enough funds to ensure the safekeeping of player funds; and a list of safeguards and procedures used to guarantee player security and gaming system integrity must be submitted on or before September 8.
Trump Plaza ranks fourth out of Atlantic City’s six iGaming sites, having collected $4,343.925 in combined gaming win in 2014. Their poker room currently ranks dead last in AC, earning just $49 this year.
Property Failed to Sell Despite Being on the Market For Years
Trump Plaza had been attempting to sell the property since 2011. A deal looked to be in place in February 2013 when the Meruelo Group offered $20 million for the property, but the deal was killed by Carl Icahn, the primary mortgage holder.
Trump Plaza will become the fourth Atlantic City casino to close in 2014. After a failed buyout attempt by PokerStars, the Atlantic Club was forced to close in January.
Revel and Showboat both closed earlier this week. Showboat was shut down by Caesars as they consolidate their AC holdings.
Revel had been mired in problems since its initial conception. The property had been in bankruptcy multiple times and saw its value drop from $2 billion to around $400 million as of 2013.